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Bit FX Market Review - is it scam or safe?

Bit FX Market Review - is bitfxmarket.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Bit FX Market
Bit FX Market is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. deposit  Spread
Standard  $500 N/A N/A
Professional  $5 000 N/A N/A
Premium  $20 000 N/A N/A
VIP  $50 000 N/A N/A
VVIP  $100 000 N/A N/A

 

Bit FX Market (or Bitcoin FX Option) claims to be a legally operating and licensed trading company that offers dealing in forex, and CFDs on stocks, cryptocurrencies and more. When we tried to sign up, we were offered the account types listed above, otherwise the broker has not specified any trading conditions on its website. Read on our detailed unbiased review on Bit FX Market and make sure you do that before investing with it. We have serious concerns about this broker.

 

Note that this broker uses both domain names Bit FX Market and Bitcoin FX Option. if you enter bitcoinfxoption.com, you will be automatically transferred to bitfxmarket.com.

 

 

Bit FX Market Advantages

 

Not any significant.

 

 

Bit FX Market Disadvantages

 

False claims of regulation

Bit FX Market / Bitcoin FX Option claims to authorized by three of the most respected financial regulators worldwide: the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investments Commission (ASIC).

 

 

Click on the image to view larger.

 

Oure research on the matter revealed that none of the companies mentioned above really exists, nor is, of course licensed by any governmental agency. Therefore, the broker actually does not fall under any regulatory oversight.

 

Investing with unregulated brokers involves substantial risk, and doing business with a company that tries to mislead potential clients that it is operating legally and holds a valid forex broker license is even riskier. In our experience, brokers that make false claims of regulation are 99% pure scams.

 

Blacklisted by the FCA

Furthermore, we found out that UK’s FCA has put out a warning against Bitcoin FX Option, which is one more red flag regarding this broker.

 

 

Actually, the FCA number mentioned on Bit FX Market’s website (FRN 744255) belongs to EEA Authorized F1MARKETS LTD. The latter is a CySEC-regulated company that operates brokerage brands StrattonMarkets, Investous  and 24CM. 

 

No information on trading conditions and trading platform

As we mentioned in the beginning, Bit FX Market leaves a lot of important questions regarding its pricing and trading conditions unanswered. The broker does not mention any reference spreads, leverage ratios, nor what platform it uses.

 

Most forex brokers support the popular MetaTrader 4 and also offer free demo accounts, so that (potential) clients can test their services.

 

 

>> Trade forex on the MT4 platform with top brokers <<

 

 

High initial deposit required

While most reliable and well-regulated brokers usually ask for an initial deposit within the range of $100 - $250, Bit FX Market requires $500 from clients to open the most basic account type.

 

 

Click on the image to zoom-in.

 

Besides, the broker says it prefers using bank wire as a payment method and does not mention working with VISA or MasterCard. This means that that clients of Bit FX Market will not be able to file for a charge back, as this is only possible with a credit card company.

 

 

Conclusion

 

Obviously, Bit FX Market (or Bitcoin FX Option) is more likely involved in some sort of investment scam. Despite the broker’s claims, it is not licensed by UK’s FCA, nor by CySEC or ASIC. The FCA has even blacklisted is a clone firm.



On top of that, Bit FX Market has not disclosed any essential trading conditions, and it is not clear even the platform it offers (if it uses any at all).

 

As always, we would advise investors to avoid unregulated shady brokers like Bit FX Market (Bitcoin FX Option) and select among companies regulated by prestigious regulatory agencies, such as the FCA and ASIC. Such regulators require compliance with a number of strict rules that give significant assurance for the security of clients’ funds.

 


>> FCA-regulated brokers <<

 

 

To sum up the above:

 

Pros Cons
Not any significant False claims of regulation
  Blacklisted by the FCA
  No information on trading conditions and trading platform
  High initial deposit required

 

Latest news about Bit FX Market
No news about Bit FX Market . Check back later.
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Traders` reviews for Bit FX Market

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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